Financial education charity MyBnk’s survey of care leavers and care professionals finds that the level of financial education given to young people leaving the care system is “inconsistent” across the UK, with some local authorities providing support that is “clearly stated and well delivered”, whereas in other areas it is “limited in coverage and quality”.
Despite “widespread willingness” from local authorities to help care leavers to manage their personal finances and transition into independent living, the report authors state that young care leavers have reached a “critical point” where receiving inadequate financial education only “worsens their situation”.
With 67 per cent of care leavers surveyed admitting to “feeling anxious” about money, and 80 per cent revealing that they want more help managing their finances, MyBnk says that a postcode lottery of support “is not good enough”.
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